This is most important and unavoidable thing for your automobile. As per Transport and RTO rules you need to have valid insurance of your vehicle all time. Auto Insurance in India is a compulsory requirement for all new vehicles used whether for commercial or personal use.
Auto Insurance in India provides the insurance covers:
- Loss or damage caused to the automobile or its parts due to natural and man-made calamities.
- Accident cover for individual owners of the vehicle while driving.
- Passengers and third party legal liability in case of injury and death due to accident.
Documents are required for claiming Auto Insurance in India: –
- Duly signed claim form,
- Registration certificate copy of the vehicle,
- Driving license copy,
- FIR copy,
- Original estimate and policy copy.
The auto insurance does not include:
- Consequential loss, depreciation, mechanical and electrical breakdown, failure or breakage.
- When vehicle is used outside the geographical area.
- War or nuclear perils and drunken driving.
Top Insurance Companies in India: -United India Insurance Ltd -New India Assurance -HDFC Ergo -ICICI Lombard -TATA AIG -Bharati Axa -Oriental Insurance -Mahindra Insurance -Future Generali -PNB Motor Status -Axis Motor Insurance
Human Population in India: 125 Crore
Insurance penetration: 0.6% that means 0.75 Crore vehicles are insured.
Motor premium amount in 2013: Rs.22000 Crore
In today’s world, insurance is such an integral part of financial decisions. Insurance provides important financial protection for a vehicle.
BUT YOU KNOW WHO INVENTED INSURANCE?: Benjamin Franklin